Business travel has changed a lot, and it’s now more important than ever to make sure each dollar spent brings a good return on investment. Staying within your budget helps control costs and ensures that each trip is valuable to your company’s goals. You don’t have to go to extremes to keep the costs down, either. 

Today, there are many ways to save money on travel, so it doesn’t have to be too much of an effort to keep the costs low. From the right credit cards to the right accommodations, you can make sure your business trip stays in the black. In this article, we will go over some tips to help you do so. 

1 – Stay in a short-term rental

When you need to travel for business for more than a month, staying in a short-term rental can be cheaper than a hotel. Short-term rentals often have the same comforts as hotels but cost less. Some of them are actually more comfortable than a hotel because they give you a more home-like feeling.

These rentals usually have kitchens, allowing you to cook your own meals and save money on eating out. They also offer more space and privacy, which can help you stay productive and relaxed.

If you’re going to be in Toronto for a while, a good option is to select from Toronto suites for an extended stay. These suites are built to provide both comfort and value for longer stays. They’re typically near business areas and local attractions, which saves you money on travel costs.

2 – Embrace technology

Using technology can make planning and managing business travel much easier. Travel management software is great for getting the best deals and keeping track of your spending by combining different features to make booking, managing, and reporting your travel straightforward.

First, the software helps you choose the most affordable travel options. It compares prices and options for flights, hotels, and car rentals in real-time, helping you make budget-friendly choices.

The software automatically records all costs related to each trip, from plane tickets to hotel stays and meals, which makes it easy to see how much you’re spending and where, which is key for finding ways to save money.

3 – Be flexible

Being flexible will help you avoid making decisions that end up costing more in the long run. When you prepare ahead, there are some factors that don’t reveal themselves until the trip actually takes place. This means that sometimes you have to change plans. 

For example, project deadlines might shift, clients might request sudden meetings, or travel advisories could change. These things not only affect your plans, but can derail your budget. A strict budget can make these situations stressful and expensive. 

This flexibility might mean having a reserve fund for unexpected costs or letting travelers make on-the-spot decisions within certain spending limits. Being able to move money between different parts of the budget can also help manage unexpected expenses effectively.